Monday, June 7, 2010

William Reilly's Temporary Leave of Absence Means More Work for Others

ConocoPhillips 8-K states:

On May 22, 2010, William K. Reilly was appointed by executive order to serve as co-chair of the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. Mr. Reilly has informed the Company of his intention to take a leave of absence from his position as a Director of ConocoPhillips when the Commission begins its deliberations.

It was filed May 27, 2010, five days after my post on PEU Report. Mr. Reilly had this in his pocket when challenged by Rachel Maddow on June 4.

The leave may or may not impact Reilly's board pay. It won't remove his control of over $2 million in ConocoPhillips stock or their promising Gulf of Mexico deepwater oil plays.

Reilly said President Obama knew of his conflict, yet continued with the appointment. Was it a move to let oil insiders know "reasonable adults" were in charge? President Obama and his staff aren't saying.

With Reilly on leave, other ConocoPhillips board members will need to step up. How might Richard Armitage or Ken Duberstein contribute their talents? Both have consulting firms, force multiplier Armitage International LLC and The Duberstein Group.

Armitage threatened to bomb Pakistan back to the Stone Age, while Duberstein earned over $1.8 million consulting for Fannie Mae on regulatory issues. That's in addition to Duberstein's Fannie Mae board pay. Currently, the Duberstein Group lobbies for BP, receiving $500,000 from 2009 through Q1 2010.

Duberstein and Armitage work with the American Security Project's "A New American Arsenal," which focuses in part on energy security. With backup like that, Mr. Reilly can focus on the task at hand. Rest assured.